Analyst: Oil Short-Term Demand Extremely Inelastic, Prices May Remain High in the Short Term

Odaily News Fidelity International's Salman Ahmed stated during a webinar that oil short-term demand is extremely inelastic, and prices may remain high in the short term. However, central banks globally still have time to respond to the impact of the Middle East conflict. The core view is that oil prices will remain within the range of $90 to $120, despite the risk of further spikes. This may provide a rationale for central banks to maintain a wait-and-see stance. Iran's effective blockade of the Strait of Hormuz has already caused oil prices to surge by approximately $100. (Jin10)